Canex Announces Results FOR Trenches 4 to 7 at Gibson
CANEX METALS INC.
SUITE 800, 808-4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 17-7 OCTOBER 26, 2017
Trading Symbol: TSX Venture-CANX
For Further Information Contact: Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
http://www.canexmetals.ca
CANEX ANNOUNCES RESULTS FOR TRENCHES 4 TO 7 AT GIBSON
INCLUDING 5.5 g/t GOLD EQUIVALENT OVER 3 METRES AND 2.8 g/t GOLD
EQUIVALENT OVER 9 METRES
Calgary Alberta - CANEX Metals Inc. ( TSX-V: CANX) (“CANEX” or the “Company” ) is pleased to
announce final surface chip sampling results and 1 grab sample result from trenching conducted at the
Gibson gold-silver project in British Columbia . Results for T renches 4 to 7 , plus sampling from new
road cut exposures, are presented below.
The 2017 Gibson trenching program has successfully exposed mineralization within an area 400
metres long by 150 metres wide, and has revealed complex vein and fault geometries and widespread
alteration. Soil sampling completed in 2017 has identified strong soil anomalies within an 850 by 500
metre area, suggesting the mineralized zones extend well beyond the area trenched. Numerous high
grade mineralized zones have been intersected by trenching to date, ranging from 5.5 to 24.1 g/t gold
equivalent (Au Eq ) over widths from 1 to 3 metres (as previously released and presented below).
Surface sampling has identified potential for bulk minable targets surrounding high grade veins with
results such as 12 metres grading 4 g/t Au Eq (previously released), 9 metres grading 2.8 g/t Au Eq
and 16 metres grading 1.3 g/t Au Eq (presented below).
Trench results continue to show mineralized zon es extend over a considerable area and remain open
for expansion. Trench 4 exposed 3 highly oxidized mineralized zones including a grab sample with
11.7 g/t Au Eq (10.5 g/t Au and 91.5 g/t Ag), and chip samples returning 2.3 g/t Au Eq (1.8 g/t Au and
35.2 g/t Ag) over 2.3 metres, 5.8 g/t Au Eq (4.5 g/t Au and 93.2 g/t Ag) over 0.3 metres, and 6.0 g/t Au
Eq (5 g/t Au and 75.4 g/t Ag) over 0.5 metres.
Trench 5, located 10 0 metres north west of Trench 1 , uncovered a 20 metre wide zone containing
strong oxidation, shearing, alteration, and brecciation. This zone returned 1.3 g/t Au Eq (1 g/t Au and
19 g/t Ag) over 16 metres, including 3 higher grade veins/faults , the first grading 5.6 g/t Au Eq (4.7 g/t
Au and 68.6 g/t Ag) over 1 metre, the second grading 4.2 g/t Au Eq (3.8 g/t Au and 32.3 g/t Ag) over 1
metre, and the third grading 5.1 g/t Au Eq (4.8 g/t Au and 25.6 g/t Ag) over 1 metre.
Trench 6 is located 17 0 metres south of Trench 1 and exposed a 6 metre wide (estimated true width)
fault and vein zone that strikes northwest and dips 45 degrees to the northeast. The exposed zone
contains strong iron oxides, clay, gouge, breccia, and quartz vein fragments. Chip samples across the
zone returned 3.3 g/t Au Eq (2.6 g/t Au and 50.6 g/t Ag) over 6 metres, including 5.5 g/t Au Eq (4.4 g/t
Au and 83 g/t Ag) over 3 metres.
Page 2 – October 26, 2017
Summary of surface chip and grab sample results from Trenches 4 to 7 and road cuts at Gibson
Trench Samples Interval (m) Au Eq g/t* Au g/t Ag g/t Pb % Zn %
Trench 4 5677714 to 16 2.3 2.3 1.8 35.2 1.1 0.1
Trench 4 5677719 0.3 5.8 4.5 93.2 0.3 -
Trench 4 5677724 grab 11.7 10.5 91.5 4.7 3.1
Trench 4 5677757 0.5 6.0 5 75.4 0.1 0.05
Trench 5 5677734 to 49 16 1.3 1 19 0.13 0.08
Trench 5 5677737 1 5.6 4.7 68.6 0.9 0.03
Trench 5 5677739 1 4.2 3.8 32.3 0.28 0.03
Trench 5 5677747 1 5.1 4.8 25.6 0.18 0.05
Trench 6 5678592 to 97 6 3.3 2.6 50.6 0.37 0.45
including 5678592 to 94 3 5.5 4.4 83 0.7 0.3
Trench 7 5678703 0.6 1.3 1.2 4.7 - 0.07
Road Cut 5678630 1 1.6 1.3 24.8 0.4 0.2
Road Cut 5678668 to 76 9 2.8 1.5 95 1.3 0.3
*Gold equivalent (“AuEq”) v alues calculated using $1250 US per ounce for gold and $17 US per ounce for silver
with metallurgical recoveries assumed to be 100%. Pb and Zn values are not included in Au Eq.
A series of chip samples were taken from road cuts along the new access trail 200 metres northwest of
Trench 1. These samples are labe lled Road Cut in the table above and were taken along a shallow
dipping quartz vein and fault zone containing iron-oxides, gouge, and quartz vein fragments. The zone
returned 9 metres of 2.8 g/t Au Eq (1.5 g/t Au and 95 g/t Ag) and remains open.
A map showing the location of trenches is available in the map gallery on our website at
http://www.canexmetals.ca.
Ongoing Exploration Targeting
Trenching has exposed a complex vein and structural setting at Gibson, with a large and growing
footprint that is at least 850 metres by 500 metres. New structural and geologic i nformation gained
from trenching, combined with new soil results and a compilation of available historic geophysical data
provides a strong data base to aid in understanding the system , and in identifying and targeting key
areas for further exploration. With easy access now established , further exploration at Gibson can be
conducted cost effectively.
There remains room with in the current exploration permit to both further advance trenching and
conduct an initial drill program. Targeting and interpretation of the data is ongoing to prioritize targets
for a phase 1 drilling program as well as ex tend trenching where warranted. CANEX will announce
additional exploration plans for Gibson once they are complete.
Sampling Procedure and QAQC
Surface chip s amples reported here were taken from exposed bedrock with in the 2017 trenches and
are continuous samples taken from carefully measured intervals that are designed to be reasonably
representative of the interval sampled. Where possible samples were taken perpendicular to
mineralized zones, however, several sampl es were taken along the trend of the trench and additional
work is required to determine the true width of the mineralized zones. Grab samples are select
samples from a localized area of bedrock and represent a small v olume of material. Grab sample
5677724 in the table above demonstrate s the presence of mineralization but should not be construed
as a representative indication of the grade of the mineralized zone.
All rock samples were taken in numbered plastic sample bags along with a sample number tag an d
were closed immediately after sampling. Samples were packed in rice sacks and sealed with uniquely-
numbered non-resealable security straps. The rice sacks were delivered to Bandstra Transportation
Page 3 – October 26, 2017
Systems Ltd. in Prince George and shipped to Actlabs in Kamloops, BC for analyses. Actlabs is ISO
9001:2000 certified, and has their own in -house QA/QC program utilizing blanks, duplicates and
standards. CANEX conducted its own independent QA/QC program for trench samples which included
the insertion of certi fied standards, blanks, and limited duplicate samples. These samples were then
checked to ensure results fall within acceptable target ranges.
The Gibson Prospect
The Gibson prospect is 887 hectares in size and located in central British Columbia, a pproximately 95
kilometres northwest of Fort St. James. The area is accessible via a network of all weather logging
roads. Gibson contains mesothermal gold-silver mineralization hosted in highly altered volcanic rocks
adjacent to the Hogem Batholith. The zone was discovered and explored by Noranda Exploration
Company from 1989 to 1991. Following soil sampling and induced polarization geophysical surveys
Noranda exposed precious metal mineralization in hand trenches with surface samples returning 12.86
g/t gold and 144.7 g/t silver over 1.5 meters and 5.35 g/t gold and 2136 g/t silver over 1.7 meters.
Noranda subsequently drilled 9 holes with 8 of the 9 holes intersecting significant gold and silver
mineralization. The best drill intercept returned 4.26 metres grading 6.77 g/t gold and 1828 g/t silver.
Prior to the 2017 trenching program by CANEX no follow up trenching or drilling has been conducted at
Gibson since the highly successful Noranda program and the mineralized zone appears to be about
4.5 metres wide and at least 400 metres long and remains open in all directions.
The Noranda hand trenching and drill results are reported in BC Assessment report 21762 for Noranda
Exploration Company by Stewart and Walker (1991). This drilling was done prior t o NI 43-101 and
should be considered historic in nature. The results have not been verified by CANEX and should not
be relied upon.
About CANEX Metals Inc.
CANEX Metals Inc. is a Canadian based exploration company focused on acquiring and advancing
high grade gold and silver deposits in stable mining jurisdictions. Company Management has a proven
track record of exploration success, with key personnel being involved in discoveries in Mexico,
Newfoundland, and British Columbia.
Dr. Shane Ebert P.Geo. , is the Qualified Person for CANEX Metals and has approved the technical
disclosure contained in this news release.
“Shane Ebert”
Shane Ebert, President/Director
Neither the TSX Venture E xchange nor its regulation services provider (as that term is define d in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, inclu ding words such as
“expects”, “projects”, “plans”, “anticipates” and similar expressions, are forward -looking information that represents management of CANEX
Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating result s and various components
thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward -looking statements
necessarily involve known and unknown risks and uncertainties, which may cause CANEX’s actual performance and financial results in future
periods to differ materially from any projections of future performance or results expressed or implied by such forward -looking statements.
These risks and uncertainties include, among other things, those described in CANEX’s filings with the Canadian securities authorities.
Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ
materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.